The Australian Office of Financial Management (AOFM) revealed on 8 July that the pause on inviting investment proposals for its Australian Business Securitisation Fund (ABSF) will remain in place for the time being. It says the fund was designed “as primarily an exercise in market development” but the process of achieving this development is on hiatus and therefore the AOFM will not progress with further ABSF investments.
The Reserve Bank of New Zealand (RBNZ) has embarked on an asset purchasing programme as part of its regular open market operations in support of monetary policy goals. KangaNews will provide subscribers with easy access to asset purchase data, which will be updated as information is made publicly available by the RBNZ.
National Australia Bank (NAB) (AA-/Aa3/AA-) is now taking indications of interest for its perpetual non-call five-year, wholesale, additional tier-one (AT1) capital, Australian dollar denominated transaction, announced earlier in the day on 8 July. Initial price guidance for the deal is 400-410 basis points area over three-month bank bills.
On 8 July, Macquarie Bank revealed plans for a self-led refinancing of its Class A notes of the Puma Series 2015-3 residential mortgage-backed securities (RMBS) issue. Total volume is expected to be A$307 million (US$213 million) or less.
On 8 July, National Australia Bank (NAB) (AA-/Aa3/AA-) announced plans for a perpetual non-call five-year, wholesale, additional tier-one (AT1) capital transaction. A fixed-income investor call regarding the floating-rate note deal is scheduled for the day of the announcement. The notes are expected to be rated BBB- by S&P Global Ratings.
On 8 July, DBS Group Holdings (DBS) (Aa2/AA-) launched a new, three-year, senior-unsecured Kangaroo deal, to come in either or both fixed- and floating-rate format. The forthcoming deal has indicative price guidance of 75 basis points area over swap benchmarks and is expected to price on the day of launch. Commonwealth Bank of Australia, DBS, National Australia Bank, TD Securities and Westpac Institutional Bank are joint lead managers.
On 8 July, Societe Generale Sydney Branch (SocGen Sydney) (A/A1/A-) launched a new three-year, Australian dollar denominated, senior-preferred, floating-rate note, benchmark transaction. Indicative price guidance for the forthcoming deal is 100 basis points area over three-month bank bills.
On 7 July, Columbus Capital began taking indications of interest for its self-managed superannuation fund (SMSF) residential mortgage-backed securities (RMBS) deal, Triton SMSF Trust 2020 Series 1. Indicative total volume for the transaction is A$250 million (US$174.2 million). National Australia Bank is arranger and joint lead manager alongside Credit Suisse, Natixis, Standard Chartered and Westpac Institutional Bank.
On 7 July, S&P Global Ratings assigned preliminary ratings to Columbus Capital's self-managed superannuation fund (SMSF) residential mortgage-backed securities (RMBS) deal, Triton SMSF Trust 2020 Series 1. Total indicative volume for the transaction is A$250 million (US$174.1 million). National Australia Bank were mandated as arranger and joint lead manager, alongside Credit Suisse, Natixis, Standard Chartered and Westpac Institutional Bank, on 29 June.